EUR/USD closed up 0.18% on Thursday, 11th August 2022, at 1.0317. The risk of economic contraction continues and the euro is under pressure due to political instability in Italy. This winter, with inflation peaking, the eurozone will likely see a ...
1. Forex Market Insight
The euro pared its gains.
(EUR/USD 1-hour chart)
We focus on the 1.0190-line today. If EUR runs steadily below the 1.0190-line, then pay attention to the support strength of the two positions of 1.0116 and 0.9999. If the strength of EUR breaks above the 1.0190-line, then pay attention to the suppression strength of the two positions of 1.0357 and 1.0529.
GBP Intraday Trend Analysis
Broad dollar weakness helped sterling up 0.75% at $1.1959.
But political risks in the U.K. and ongoing recession concerns limited gains.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.1916-line today. If GBP runs below the 1.1916-line, it will pay attention to the suppression strength of the two positions of 1.1853 and 1.1820. If GBP runs above the 1.1916-line, then pay attention to the suppression strength of the two positions of 1.1970 and 1.2005.
2. Precious Metals Market Insight
Gold prices recovered on Monday, boosted by a retreat in the dollar.
This comes as market bets on the Fed raising rates by 100 basis points next week have weakened.
(Gold 1-hour chart)
Gold pays attention to the 1701-line today. If the gold price runs steadily below the 1701-line, then it will pay attention to the support strength of the 1690 and 1680 positions. If the gold price breaks above the 1701-line, then pay attention to the suppression strength of the two positions of the 1722 and 1742.
3. Commodities Market Insight
WTI Crude Oil
Oil prices jumped more than $5 on Monday, 18th July 2022, as oil supplies remained tight.
As expected, President Joe Biden’s visit to Saudi Arabia did not result in any commitment from the largest OPEC producer to increase oil supplies.
Reuters reported earlier that Gazprom had declared force majeure on gas supplies to Europe to at least one major customer, according to a letter from Gazprom.
This could exacerbate the conflict between Russia and Europe.
That added support to oil prices as traders see it as a possible harbinger of Russia’s move to use energy as a weapon.
(Crude oil 1-hour chart)
Oil prices focus on the 99.50-line today. If the oil price runs above the 99.50-line, then focus on the suppression strength of the two positions of 102.52 and 105.01. If the oil price runs below the 99.50-line, then pay attention to the support strength of the two positions of 97.33 and 95.05.
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